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. >> he'll be back on wednesday, in time to trade the fiscal cliff. all right. the deadline, of course, just hours away. if lawmakers wind up kicking the can down the road, they may want to come up with a way of saying so. that son the annual list of words to be ban issued. spoiler alert, trending and bucket list, not surprisingly the phrase that got the most nominations this year, fiscal cliff. so that brings us to this morning's squawk on the tweet. what other phrases should be banned and why. and remember, try and keep it clean. tweet us at squawk street. we've got your responses throughout the morning. fiscal cliff definitely has to go. >> i can't wait for hash tag to go away. >> we'll start hearing about the debt ceiling in two months. >> a ban on 2013's list. >> have a great new year. >> you as well. i have no special plans. i have a 3-month-old daughter -- >> that's very special. >> i'm prohibited from going anywhere. we have dinner reservations about 4:30 p.m., though. >> early birds. >> happy new year. >> same to you. >> presidents of americans for tax
. >> he'll be back on wednesday, in time to trade the fiscal cliff. all right. the deadline, of course, just hours away. if lawmakers wind up kicking the can down the road, they may want to come up with a way of saying so. that son the annual list of words to be ban issued. spoiler alert, trending and bucket list, not surprisingly the phrase that got the most nominations this year, fiscal cliff. so that brings us to this morning's squawk on the tweet. what other phrases should be banned...
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it's the fiscal cliff every year, believe me. >> it is, oh, yeah. all right. happy birthday. she a mrs. williams? >> she used to be. she's mrs. bond. so happy birthday. >> all right, gentlemen. you know, you solved nothing, neither one of you. but thank you for coming on. we appreciate it. >> thanks, guys. >> happy new year. >> coming up, gold prices coming under a lot of pressure in the final trading sessions 2012. but will the yellow metal once again become a precious investment, a priceless call when we return? >> comments, questions? send them to @squawkcnbc on twitter. follow the show and look for updates from andrew, becky, joe and the "squawk" staff. "squawk box" on cnbc, and on twitter. ee, geico's customer satisfaction is at 97%. mmmm tasty. and cut! very good. people are always asking me how we make these geico adverts. so we're taking you behind the scenes. this coffee cup, for example, is computer animated. it's not real. geico's customer satisfaction is quite real though. this computer-animated coffee tastes dreadful. geico. 15 minutes could save you 15 % or more
it's the fiscal cliff every year, believe me. >> it is, oh, yeah. all right. happy birthday. she a mrs. williams? >> she used to be. she's mrs. bond. so happy birthday. >> all right, gentlemen. you know, you solved nothing, neither one of you. but thank you for coming on. we appreciate it. >> thanks, guys. >> happy new year. >> coming up, gold prices coming under a lot of pressure in the final trading sessions 2012. but will the yellow metal once again become...
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will our elected leaders take us right off the fiscal cliff? >>> joe kernen and john hoarwood are live in our nation's capital. senator ron johnson and bob corker are going to bring us the latest on the debt talks. and then squawk market master mohamed el-erian is going to break down the market implications of a government failure. the third hour of "squawk" starts right now. ♪ ♪ when you've got a problem you've got to rise above it ♪ ♪ when you see the challenge you've got to rise above it ♪ >> welcome back to "squawk box" here on cnbc, first in business worldwide. good morning, again, everybody. i'm becky quick along with andrew ross sorkin. joe kernen and john hoarwood are with us live from washington this morning. they're there trying to fix the fiscal cliff all on their own. our guest hosts this morning are jared bernstein, former economic adviser to vice president biden and tony fratto, former deputy press secretary to george w. bush. this hour we're going to be joined by senator ron johnson, pimco's mohamed el-erian and senator
will our elected leaders take us right off the fiscal cliff? >>> joe kernen and john hoarwood are live in our nation's capital. senator ron johnson and bob corker are going to bring us the latest on the debt talks. and then squawk market master mohamed el-erian is going to break down the market implications of a government failure. the third hour of "squawk" starts right now. ♪ ♪ when you've got a problem you've got to rise above it ♪ ♪ when you see the challenge...
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i think both sides are looking at if fiscal cliff right now and saying, well, we could go over this thing. it wouldn't be the end of the world and that's a very different view in washington than it is on wall street. i can tell you that. >> eamon, thanks. i know you've got a long day ahead, a long afternoon as well. eamon javers in washington. >> isn't it unbelievable. you have this huge, looming problem, i'll wait until later this afternoon to deal with it. >> and the whole sequester was a way to deal with this later. and corker, i think, on some of the morning shows this morning, senator corker said the worst case today would be to set up another later deadline that would keep the hard questions -- >> and i think a lot of this is so abstract, but if those milk prices go up for people around this country, that's going to be the thing that gets people really animated. >> that and payroll taxes, if they go up, that will hit a lot of americans across the board. >> interesting to see a lot of the stocks today that have exposure to dairy futures, whether it's an hsy, who knows? i haven't even
i think both sides are looking at if fiscal cliff right now and saying, well, we could go over this thing. it wouldn't be the end of the world and that's a very different view in washington than it is on wall street. i can tell you that. >> eamon, thanks. i know you've got a long day ahead, a long afternoon as well. eamon javers in washington. >> isn't it unbelievable. you have this huge, looming problem, i'll wait until later this afternoon to deal with it. >> and the whole...
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still no fix on the fiscal cliff, but there are developments right now, as you know. brian just mentioning there. various congressional leaders and the president getting set to meet at the white house this hour to work on last-minute negotiations all in an effort to avoid those series of tax increases and spending cuts due to take effect next year. what we hear is the senate leaders are there. speaker boehner and minority leader nancy pelosi have yet to arrive, but now we're showing you live pictures. maybe somebody is going to get out of that car, and we'll see if any of the other leaders will be heading to the white house. this is speaker boehner right now heading into the white house. we'll keep you updated as this hour progresses here. >> indeed, meantime, more red arrows here on wall street as investors are awaiting for any signs of progress from the white house meeting which is about to get under way. right now we're sitting smack on 13,000. we've clawed back from being below that earlier on today. the nasdaq has also moved to the downside by half a percent as w
still no fix on the fiscal cliff, but there are developments right now, as you know. brian just mentioning there. various congressional leaders and the president getting set to meet at the white house this hour to work on last-minute negotiations all in an effort to avoid those series of tax increases and spending cuts due to take effect next year. what we hear is the senate leaders are there. speaker boehner and minority leader nancy pelosi have yet to arrive, but now we're showing you live...
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all right. so not a banner year for retail. we have fiscal cliff and debt ceiling fears. that's driving that. how do you invest now? we are about to ask a top money manager. [ male announcer ] citi turns 200 this year. in that time there've been some good days. and some difficult ones. but, through it all, we've persevered, supporting some of the biggest ideas in modern history. so why should our anniversary matter to you? because for 200 years, we've been helping ideas move from ambition to achievement. and the next great idea could be yours. ♪ and the next great idea could be yours. well, if itmr. margin?margin. don't be modest, bob. you found a better way to pack a bowling ball. that was ups. and who called ups? you did, bob. i just asked a question. it takes a long time to pack a bowling ball. the last guy pitched more ball packers. but you... you consulted ups. you found a better way. that's logistics. that's margin. find out what else ups knows. i'll do that. you're on a roll. that's funny. i wasn't being funny, bob. i know. when the doctor told me that i could sm
all right. so not a banner year for retail. we have fiscal cliff and debt ceiling fears. that's driving that. how do you invest now? we are about to ask a top money manager. [ male announcer ] citi turns 200 this year. in that time there've been some good days. and some difficult ones. but, through it all, we've persevered, supporting some of the biggest ideas in modern history. so why should our anniversary matter to you? because for 200 years, we've been helping ideas move from ambition to...
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. >>> all right some more expert opinion on a possible vote on this so called fiscal cliff. i'm going to bring in the republican from the great state of caps cannes. always great to have you on the show. first of all, will the majority of republicans vote for this deal even though i'm not sure what the deal is on the sequester side? >> is there is an interest of solving the problem i think what you said is how most republican ares feel. we need to know the details of the deal and i'm on the side if it is going to be postponed it is going to be paid for by reduced spending elsewhere. that is the wrong direction to go. so while there is an interest and believe that we are getting close to a deal, there is yet enough unknown that you can't answer your question at this time. >> it troubles me, if you run off the sequester and run off the tax revenues to make up the difference which is what the president said today in his goofy press conference. if that happens, i want to ask you if this thing can actually pass. too quick, 51 votes and 60 votes and democrats and republican ares c
. >>> all right some more expert opinion on a possible vote on this so called fiscal cliff. i'm going to bring in the republican from the great state of caps cannes. always great to have you on the show. first of all, will the majority of republicans vote for this deal even though i'm not sure what the deal is on the sequester side? >> is there is an interest of solving the problem i think what you said is how most republican ares feel. we need to know the details of the deal and...
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cliff or not? >> i hope so, sue. >> and more contentious. >> right. that too is not really about america's long-term debt problem. it is about avoiding an immediate self inflicted economic wound. and it'll chute shut down the government. it would be more draconian than what we are facing with the fiscal cliff. >> i was struck by not only the number of ceos that put pressure on washington, but ceos from some of the biggest companies in america to the small e69 companies in america. >> they were all in favor as a compromise, a tax hike as part after long-term debt solution. that's what has to happen. >>> we have two minutes before the president comes out. let me turn you to the top of the list, mark zuckerberg, why? eric, excuse me one second. we will go to ayman an john. we have some of the framework but the language here may be extremely important. what are we listening for? >> what i expect from the president is to try to keep the pressure on negotiators to get a deal. he will have middle class fa
cliff or not? >> i hope so, sue. >> and more contentious. >> right. that too is not really about america's long-term debt problem. it is about avoiding an immediate self inflicted economic wound. and it'll chute shut down the government. it would be more draconian than what we are facing with the fiscal cliff. >> i was struck by not only the number of ceos that put pressure on washington, but ceos from some of the biggest companies in america to the small e69 companies...
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dysfunction increases, the likelihood we will indeed go over the fiscal cliff. now to jackie and future now. >> that's right. you can see it on the chart. gold was lower this morning until majority leader harry reid took to the senate floor and says it looks likely we will go off the fiscal cliff. if we do go off, is buying gold your best bet? even with the cliff looming, gold has done badly over the past month. does that surprise you? >> it does. when you look at money printing going on in japan and the fiscal cliff here and debt ceiling limit and relatively weak dollar, gold should have a lot more shine to it. >> not like the possibility of going over the cliff is something new. if gold is getting a bit on cliff fears, why has it sold off in the last month? what's taken so long? >> funny you mention that, they read the headline, harry reid says, looks like we're going over the cliff, i don't think anybody thinks about that. but everybody hits the sell button because they think everybody's going to. there's plenty of reason to buy gold but whatever gold is deal
dysfunction increases, the likelihood we will indeed go over the fiscal cliff. now to jackie and future now. >> that's right. you can see it on the chart. gold was lower this morning until majority leader harry reid took to the senate floor and says it looks likely we will go off the fiscal cliff. if we do go off, is buying gold your best bet? even with the cliff looming, gold has done badly over the past month. does that surprise you? >> it does. when you look at money printing...
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there's no time left, we're falling off the fiscal cliff. what happens if we do? what does it mean to the average american? we're going to break down the facts coming up. >> announcer: if congress fails to agree to a plan to avoid the fiscal cliff, it will result in $40 million in funding cuts for the maternal and child health block grant resulting in 5 million less families served. i got mine in iraq, 2003. usaa auto insurance is often handed down from generation to generation. because it offers a superior level of protection, and because usaa's commitment to serve the military, veterans and their families is without equal. begin your legacy, get an auto insurance quote. usaa. we know what it means to serve. your doctor will say get smart about your weight. that's why there's glucerna hunger smart shakes. they have carb steady, with carbs that digest slowly to help minimize blood sugar spikes. [ male announcer ] glucerna hunger smart. a smart way to help manage hunger and diabetes. with scottrader streaming quotes, any way you want. fully customize it for your tr
there's no time left, we're falling off the fiscal cliff. what happens if we do? what does it mean to the average american? we're going to break down the facts coming up. >> announcer: if congress fails to agree to a plan to avoid the fiscal cliff, it will result in $40 million in funding cuts for the maternal and child health block grant resulting in 5 million less families served. i got mine in iraq, 2003. usaa auto insurance is often handed down from generation to generation. because...
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and i think that the sh we're dealing with right now in the fiscal cliff is a prime example of it. what i'm arguing for are maintaining tax cuts for 98% of americans. i don't think anybody would consider that some liberal, left wing agenda. it used to be considered a mainstream agenda. and it's something we can accomplish today if we simply allow for a vote in the senate and in the house to get it done. the fact that it's not happening is ancation of, you know, how far certain factions inside the republican party have gone where they can't even accept what used to be centrist mainstream positions on these issues. i'm an optimist. we try every other option before we finally do the right thing. after everything else is exhausted, we eventually do the right thing. and i think that's true for congress, as well. and i think it's important for americans to remember politics have always been messy. people have been asking me a lot about the film "lincoln" and -- >> is this your lincoln moment? >> well, no. look, i never compare myself to lincoln and, b, the magnitude of the issues are qui
and i think that the sh we're dealing with right now in the fiscal cliff is a prime example of it. what i'm arguing for are maintaining tax cuts for 98% of americans. i don't think anybody would consider that some liberal, left wing agenda. it used to be considered a mainstream agenda. and it's something we can accomplish today if we simply allow for a vote in the senate and in the house to get it done. the fact that it's not happening is ancation of, you know, how far certain factions inside...
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but of course depending on what happens with the fiscal cliff, all bets are off. >> all right, jed, give us -- we're asking everybody for predictions for 2013. we know how you feel about the year in general but give us some wild cards. this is your time to let your hair down and be crazy. >> all right. >> let it down! >> i will take all that hair i have and let it down. the first thing is whether we are going to see more inventory next year. the tight inventory that we see is holding back sales in many parts of the country including the west. but if prices rise enough next year, we will see even more construction and we will start to see some of the underwater homeowners get back above water and put their homes on the market. we might actually see inventory turn around next year. that would be a big change from what we've seen. >> what about operation twist? in your professional opinion, how much has that really mattered if at all to the housing turn? >> so it has helped lower -- so the fed policy has helped lower mortgage rates and that's made housing affordability incredible relative t
but of course depending on what happens with the fiscal cliff, all bets are off. >> all right, jed, give us -- we're asking everybody for predictions for 2013. we know how you feel about the year in general but give us some wild cards. this is your time to let your hair down and be crazy. >> all right. >> let it down! >> i will take all that hair i have and let it down. the first thing is whether we are going to see more inventory next year. the tight inventory that we...
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and i think something has -- this fiscal cliff has something to do about it. but people are scared in the u.s. right now. you increase their taxes, increase their savings, i'm not saying it's a bad thing for them, but it's a bad thing for the economy. >> so you're saying this has caught on now. it was a while before consumers didn't get the fiscal cliff idea. we are getting closer to the worst case scenario and you're saying it's timely caught on with main street. >> we're talking about money. money is is 00% emotional. put those two together and all of a sudden people get protective. as a result, they will begin to save and not spend. we need people to spend money. we need people to buy things .right now, the responsibility thing for the americans to do is not to do that until this gets resolved. >> ralph, you're with us for the full hour. fantastic. find us on twitter if you want to get in touch with karen or myself. up next, we speak to the man who says he can save italy's economy from mistakes which have been made across europe. >> europe has taken a stiff
and i think something has -- this fiscal cliff has something to do about it. but people are scared in the u.s. right now. you increase their taxes, increase their savings, i'm not saying it's a bad thing for them, but it's a bad thing for the economy. >> so you're saying this has caught on now. it was a while before consumers didn't get the fiscal cliff idea. we are getting closer to the worst case scenario and you're saying it's timely caught on with main street. >> we're talking...
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stories on the fiscal cliff have been right here on cnbc. we have the badges to prove it. but, hey. the senate, the house, the president, they all want to do what's best especially harry reid and his gang. they're so worried about everybody in the fiscal cliff. they're obviously worried about how a & p is going to affect people, marginal tax rates, the middle class. good. people need to be worried about the middle class but exactly how worried are they? where there is a will there is a way. there was a will in 1895, a will three years ago. yeah, 2009. but obviously there is a whole lot more talk than action because, let's see, i hear crickets or i hear some hula music but i certainly don't hear the ruffling of papers as any bill is getting passed. so i guess i will leave on this note on christmas eve. you know, i send my best wishes to all the military that are out of the country protecting us and making sure they secure the rights for every american, and i say to congress and the president, if you really were so concerned, you could have do
stories on the fiscal cliff have been right here on cnbc. we have the badges to prove it. but, hey. the senate, the house, the president, they all want to do what's best especially harry reid and his gang. they're so worried about everybody in the fiscal cliff. they're obviously worried about how a & p is going to affect people, marginal tax rates, the middle class. good. people need to be worried about the middle class but exactly how worried are they? where there is a will there is a way....
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we need to get the the stop story right now, and that is teetering on the fiscal cliff. let's go to d.c., where all the action has been in the past 48 hours. john harwood has the latest. john? >> >> melissa, the first headline is, we are going over the cliff tonight, because we're not going to have action in both houses of congress on a deal. we don't have a deal yet. the house isn't going to vote. we don't know if the senate is going to hold any votes. the senate is still waiting for the outcome of the biden-mcconnell talks that are hung up over a couple of things including the issue of the across the board spending cuts which democrats want staved off for a year or so. republicans want to begin that cutting process right now. but let's talk for a moment about what we know about what has been agreed to, have to caution that until everything's agreed to, nothing is set in stone. bull here's what we know. the -- it appears that the top rate on taxes is going to go up to the clinton era level, 39.6% for individuals making more than $400,0 $400,000, for families making, mar
we need to get the the stop story right now, and that is teetering on the fiscal cliff. let's go to d.c., where all the action has been in the past 48 hours. john harwood has the latest. john? >> >> melissa, the first headline is, we are going over the cliff tonight, because we're not going to have action in both houses of congress on a deal. we don't have a deal yet. the house isn't going to vote. we don't know if the senate is going to hold any votes. the senate is still waiting...
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expecting anything, all about the fiscal cliff or what's the mood of the market? >> i'm sorry. >> it's a shame that's all we're talking about right now because there are some things we could probably focus on. >> like what? >> again, it's corporate. it's large corporations. no one is talking about small caps right now. generally in january they probably have a pretty good mood. everybody is talking about dividend-paying stocks, large caps, where there's liquidity, can get in and get out and it all ties back to the fiscal cliff. that's all we're talking about and why do anything until then? >> rick has been waiting all y day. >> whether we're sick of it or not, it has to be resolved. >> meantime, counting down, 50 minutes until the closing bell. the dow was positive when we started the show. let's call it the "street signs" glow. we've gone back into the negative territory slightly. >> see what we can do here in the last hour of the trade. if you don't think people are feel the effects of the fiscal cliff, think again. we look at very real effects of the cliff on h
expecting anything, all about the fiscal cliff or what's the mood of the market? >> i'm sorry. >> it's a shame that's all we're talking about right now because there are some things we could probably focus on. >> like what? >> again, it's corporate. it's large corporations. no one is talking about small caps right now. generally in january they probably have a pretty good mood. everybody is talking about dividend-paying stocks, large caps, where there's liquidity, can...
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"power lunch" starts right now. >> merry cliff-mas, everybody. five days left and still no deal. president obama cutting short his annual vacation in hawaii to deal with the fiscal cliff. no sight of congressional leaders. they're not in town. investors getting a little bit nervous. will congress get it together in time? no talks that we know of are imminent. it was by at least one measure, the weakest holiday retail sales growth since the financial crisis back in 2008, but could a post-christmas holiday sales bounce be around the corner? >>> and what a year it has been for tech. gadgets and gizmos. apple, facebook, microsoft all have big news. will 2013 be a lucky year for the sector? which tech titans might lead the new trends? simon hobbs is in at the new york stock exchange. >> good afternoon. when president obama arrives back in d.c., can he prevent america falling over the fiscal cliff? house republicans haven't yet called their members back to washington. our chief political correspondent, john harwood, is with us. john, this feels very much like it might be the calm befor
"power lunch" starts right now. >> merry cliff-mas, everybody. five days left and still no deal. president obama cutting short his annual vacation in hawaii to deal with the fiscal cliff. no sight of congressional leaders. they're not in town. investors getting a little bit nervous. will congress get it together in time? no talks that we know of are imminent. it was by at least one measure, the weakest holiday retail sales growth since the financial crisis back in 2008, but...
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>> nominal is, you know, real plus inflation. >> right. >> and the fiscal cliff business is a big deal. it's a potentially big game changer. i didn't think there was a chance we would go over really until the last couple of days. now i'm thinking there could be a bungee jump where you go over for a couple days and come back. >> if you're a market timer and you believe in your bungee do you think there's going to be an opportunity? >> absolutely. because i truly believe. the good news is, is this is setting ourselves up for true entitlement and tax reform in 2013. it could be six months from now. it could be a very difficult first six months. >> you're looking for a baby deal now? >> there's probably going to have to be a baby deal, partly because of amt. you cannot retro actively fix amt. that would hit millions of people. it's a very, very big deal. very, very costly. everyone would get blamed for it. then there's another things that are part of the deal that you could wait for. payroll tax, that's $160 million. we have obama care taxes. we know those are going through. >> the payroll
>> nominal is, you know, real plus inflation. >> right. >> and the fiscal cliff business is a big deal. it's a potentially big game changer. i didn't think there was a chance we would go over really until the last couple of days. now i'm thinking there could be a bungee jump where you go over for a couple days and come back. >> if you're a market timer and you believe in your bungee do you think there's going to be an opportunity? >> absolutely. because i truly...
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fiscal cliff. i don't know what to tell you. i will talk about it more right now. maybe we'll do that monday but you have to promise we'll be together. the fiscal cliff has been one of the factors holding back consumer spending this holiday season. joining us now, marshall cohen, from mtv group, chief analyst industry. you scoured all of retail to find this. he has pinstripes going. i've heard about stripe on stripes and you have stripes with the cuff links. >> it's all about a blending. >> a blending. there's stripes but it's not too busy. he ae's got the right. >> years ago he commented on my pocket square and trying to work something else. >> people very fashion forward, i want to try to copy. >> you have that tie going today. that makes a nice story. >> let me ask you. i just had someone not even concede price fixing could hurt innovation with drug prices. do you know absolutely for sure the fiscal cliff hurt retail sales? >> it actually did. it took the psychological factor into the mix. at first it didn't look like it did. consumers respond two weeks before a
fiscal cliff. i don't know what to tell you. i will talk about it more right now. maybe we'll do that monday but you have to promise we'll be together. the fiscal cliff has been one of the factors holding back consumer spending this holiday season. joining us now, marshall cohen, from mtv group, chief analyst industry. you scoured all of retail to find this. he has pinstripes going. i've heard about stripe on stripes and you have stripes with the cuff links. >> it's all about a blending....
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. >>> the dating scene is hitting a fiscal cliff. one traditional dating priority is like having a good job, physical chemistry may not matter if your credit score is less than attractive. brings us to the "squawk on the street." what is the most important financial question to ask when you're on a first date. john rice, this is great. now can i see five years of tax returns. so will you make more or less than 250,000 in 2013? they write shall we watch "squawk on the street" at my place or your place tomorrow morning. >> go, alahandra. >> it's an early date. a breakfast date. >> what are you going to watch? >> we'll go deeper into the west coast. a major grain point of export so we're going to see what the impact is going to be on the markets. of course, it's going to be a rocky ride in the next few days. traders will give you the next best place to protect yourself. >> there is a valley at the end of all of these cliffs, what with the container cliffs, there's going to be a lot of stuff sitting at the bottom of that valley if we go
. >>> the dating scene is hitting a fiscal cliff. one traditional dating priority is like having a good job, physical chemistry may not matter if your credit score is less than attractive. brings us to the "squawk on the street." what is the most important financial question to ask when you're on a first date. john rice, this is great. now can i see five years of tax returns. so will you make more or less than 250,000 in 2013? they write shall we watch "squawk on the...
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on the bad side, you have the fiscal cliff, which is very real. you have sandy. the weather hasn't been cooperating. so, there's some real consumer downturn as well. >> and what are you able to tell us about the decisions that your clients are making with you? you are trading leases all the time, presumably, all the big, high-street names. is there optimism? what are the leases you are signing at the moment, higher than lower than perhaps we had six months or a year ago? >> the national retailers continue to be very optimistic about the next couple of years. we are in a recovery, not with sa standing that the fiscal cliff. i think most of the national retailers continue to be optimistic about where they are going the next couple of years. lots of leases are being signed. store counts are being expanded. the retailers, in general, have stronger balance sheets and they are ready to grow again. hopefully, this will be just a temporary pause in terms of the fiscal situation. >> hey, david, i'm curious you when we are sitting here and just after the christmas holiday,
on the bad side, you have the fiscal cliff, which is very real. you have sandy. the weather hasn't been cooperating. so, there's some real consumer downturn as well. >> and what are you able to tell us about the decisions that your clients are making with you? you are trading leases all the time, presumably, all the big, high-street names. is there optimism? what are the leases you are signing at the moment, higher than lower than perhaps we had six months or a year ago? >> the...
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cliff right now. we're looking forward to anderson and kathy. they're coming up at the top of the hour. stand by for that. >>> looks like a deal. we're follow the breaks news. we'll see if the senate actually does have a roll call vote on the floor of the senate within the next two hours. jessica yellin is over at the white house watching what's going on. you put it in good perspective earlier, dana bash is up on the hill. if there's a deal, jessica, if the senate does vote tonight, are you hearing anything that we might also hear at some point tonight from the president of the united states? >> i think that it is new year's eve and president obama wouldn't want to do anything that would say or do anything to derail this process in any way. i do not expect to hear from the president tonight. i would not be surprised if we hear from him, wolf, tomorrow at some point. and i do think that we know he's been on the phone with both harry reid and nancy pelosi so he has been hard at work and i also know he h
cliff right now. we're looking forward to anderson and kathy. they're coming up at the top of the hour. stand by for that. >>> looks like a deal. we're follow the breaks news. we'll see if the senate actually does have a roll call vote on the floor of the senate within the next two hours. jessica yellin is over at the white house watching what's going on. you put it in good perspective earlier, dana bash is up on the hill. if there's a deal, jessica, if the senate does vote tonight,...
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cnn's coverage of the fiscal cliff continues right after this.
cnn's coverage of the fiscal cliff continues right after this.
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cliff uncertainty. >> you're right about that. wall street had a decent year. the dow is up 6% and the nasdaq is up 14%, and the s&p 500, that mostly tracks your retirement savings up more than 11%. we've seen a slow churn upward over the course of the year, and that's how you want to see the market move. much has to do with the improving economy. the question is what will happen when we go on over the cliff, will we see stocks fall and what will happen to the economy? we know it wouldn't look good for the economy at this point. christine. >> no, it won't. thank you. here's how the markets are reacting as we edge closer to the fiscal cliff and investors brace for the potential fallout. oh, let me guess --ou see this? more washington gridlock. no, it's worse -- look, our taxes are about to go up. not the taxes on our dividends though, right? that's a big part of our retirement. oh, no, it's dividends, too. the rate on our dividends would more than double. but we depend on our dividends to help pay our bills. we worked hard to save.
cliff uncertainty. >> you're right about that. wall street had a decent year. the dow is up 6% and the nasdaq is up 14%, and the s&p 500, that mostly tracks your retirement savings up more than 11%. we've seen a slow churn upward over the course of the year, and that's how you want to see the market move. much has to do with the improving economy. the question is what will happen when we go on over the cliff, will we see stocks fall and what will happen to the economy? we know it...
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so what is that going to do to the fiscal cliff negotiations? >> right, there are a couple deadli deadlines actually coming up. january 2nd is the last day of the current congress. any bill that's been submitted, especially the bills that have been passed, the deal with the fiscal cliff, those bills would be worthless. they would go into paper and everything would have to start from scratch. the new congress would have to start a bill and start the process from the beginning. now there are some tricks that congress has to try to speed things up when it wants to. so to some degree, it's not that big of a deal. if there was a deal in the offing, january 3rd, enough votes for it, they could get around the hurdles. but i'm glad you brought up the deadlines because another one is tomorrow. unemployment benefits run out tomorrow for 1 million people. not true. the unemployment portion of the fiscal cliff actually hits us tomorrow. and that's when 1 million people are estimated to see unemployment benefits run out. and tomorrow is also the day that the
so what is that going to do to the fiscal cliff negotiations? >> right, there are a couple deadli deadlines actually coming up. january 2nd is the last day of the current congress. any bill that's been submitted, especially the bills that have been passed, the deal with the fiscal cliff, those bills would be worthless. they would go into paper and everything would have to start from scratch. the new congress would have to start a bill and start the process from the beginning. now there...
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that's what this whole fiscal cliff debate is all about, right? it's about taking money out of the economy. it's about slowing job growth. it's about the potential for a recession in the beginning part of this year, and 9.1% unemployment by the end of the year because of all the money taken out. so what they're doing here is critical stuff. you heard about how this whole process taking a hatchet in the efforts of budget control, when you should use a scalp peel but congress has shown any willingness. >> christine, thank you very much. we'll get your perspective on the other side of the president's address. it's about 15 minutes away or so. he will speak at the white house addressing the american people essentially about the updates on the talks with republicans. it has been the vice president, vice president biden, and the republican senate minority leader mitch mcconnell who have been in negotiations and discussions. we'll see just how far they have gotten and whether or not there is something real that has been put on the table. we're going to h
that's what this whole fiscal cliff debate is all about, right? it's about taking money out of the economy. it's about slowing job growth. it's about the potential for a recession in the beginning part of this year, and 9.1% unemployment by the end of the year because of all the money taken out. so what they're doing here is critical stuff. you heard about how this whole process taking a hatchet in the efforts of budget control, when you should use a scalp peel but congress has shown any...
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what we are seeing is more and more people right now as congress looks that the fiscal cliff, talking about the things that concerns them. i want to tell you, some things watching right now who think the country should goefrt fiscal cliff, a quote i got there on facebook, talking about this, this one says let's go over it. it is long overdue and we need several more just like t some politicians see it as the easiest way of implementing long overdue cuts without endless congressional squabbles from adam chance campbell wrote on my facebook page. y'all will like the next one, look that the quote from jeff clark, what the mayans couldn't do in thousands of years both houses of congress are doing. let me tell everybody, the world will not end if we go over the fiscal cliff. i don't want you to feel that watch doesn't mean there aren't serious concerns for a lot of people involved. a couple more here from facebook this one says they need a reality check in how the 98% really lives. that's from felicia persaud on facebook. one more here the people express third desire for ending the bush ta
what we are seeing is more and more people right now as congress looks that the fiscal cliff, talking about the things that concerns them. i want to tell you, some things watching right now who think the country should goefrt fiscal cliff, a quote i got there on facebook, talking about this, this one says let's go over it. it is long overdue and we need several more just like t some politicians see it as the easiest way of implementing long overdue cuts without endless congressional squabbles...
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align. >>> we are so close to the fiscal cliff right now we can pra practically look over the edge. in fact, some people are saying it might even be too late for a deal and we'll go over that cliff. harry reid just took to the senate floor 30 minutes ago to say he thinks it's likely we're going to go over the cliff. republicans like house speaker john boehner and mitch mcconnell have been radio silent on negotiations. joining me is will kain and roland martin, a political analyst and columnist. welcome to you both. >> good to see you. >> good to see you. i'm just so sad we have to talk about the fiscal cliff. let's start with you, roland. harry reid comes out and says the house isn't in session. the president is back. the house is going nowhere. john boehner is doing a terrible job and we'll likely go off the cliff because of the republicans. >> it's interesting. this morning i talked to congressman e moon yule cleaver and part of the issue deals with the house rules. they have to have 48-hours notice to come back to washington, d.c. republicans also have a rule -- >> like there are
align. >>> we are so close to the fiscal cliff right now we can pra practically look over the edge. in fact, some people are saying it might even be too late for a deal and we'll go over that cliff. harry reid just took to the senate floor 30 minutes ago to say he thinks it's likely we're going to go over the cliff. republicans like house speaker john boehner and mitch mcconnell have been radio silent on negotiations. joining me is will kain and roland martin, a political analyst and...
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it's our exclusive fiscal cliff roundtable and it's coming up right now on cnn. what a night, huh? but, um, can the test drive be over now? head back to the dealership? [ male announcer ] it's practically yours. but we still need your signature. volkswagen sign then drive is back. and it's never been easier to get a passat. that's the power of german engineering. get $0 down, $0 due at signing, $0 deposit, and $0 first month's payment on any new volkswagen. visit vwdealer.com today. on any new volkswagen. boproductivity up, costs down, thtime to market reduced... those are good things. upstairs, they will see fantasy. not fantasy... logistics. ups came in, analyzed our supply chain, inventory systems... ups? ups. not fantasy? who would have thought? i did. we did, bob. we did. got it. >>> it is the one issue that affects just before he single one of us you can the fiscal cliff. think of it as, well this way, our economy is in a car headed toward that cliff and there's a lot of stake, including massive spending cuts and social programs and defense, expiration you the bush era tax cu
it's our exclusive fiscal cliff roundtable and it's coming up right now on cnn. what a night, huh? but, um, can the test drive be over now? head back to the dealership? [ male announcer ] it's practically yours. but we still need your signature. volkswagen sign then drive is back. and it's never been easier to get a passat. that's the power of german engineering. get $0 down, $0 due at signing, $0 deposit, and $0 first month's payment on any new volkswagen. visit vwdealer.com today. on any new...
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also tonight, say the words with me here, fiscal cliff. no vote yet, no agreement yet. and not a lot of time left. can you say one more day? we're going to start with the secretary of state, hillary clinton, hospitalized with a blood clot. it was discovered today during a follow-up exam. are dids say it is related to a concussion she suffered earlier this month. you'll recall the former first lady was suffering from a omach virus when she fainted. we want to bring in dr. sanjay gupta now. she was just cleared to return to work this week, and now this. >> first of all, there are a couple things that are important. it sounds like she went in for a routine exam, they found a clot, a blood clot, they did not specify where this clot was located. she's hospitalized on blood thinners, anti-coagulants. these are important points. from a medical perspective, first of all, finding this on a routine exam means that she didn't go in for some particular new problem or concern. and the fact that she's on blood thinners, specifically from this really suggests to me -- this is not a bl
also tonight, say the words with me here, fiscal cliff. no vote yet, no agreement yet. and not a lot of time left. can you say one more day? we're going to start with the secretary of state, hillary clinton, hospitalized with a blood clot. it was discovered today during a follow-up exam. are dids say it is related to a concussion she suffered earlier this month. you'll recall the former first lady was suffering from a omach virus when she fainted. we want to bring in dr. sanjay gupta now. she...
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unitedhealthcare. >>> all right. down to the wire. still no deal on the fiscal cliff. are the democrats and republicans too far apart at this point to reach a deal before midnight? i hope not. >> is the cliff armageddon for the defense department. what these defense cuts would mean for national security. >>> a health scare for hillary clinton. what doctors say happened and an update on her condition. >> i'm ali velshi. >> and i'm christine romans. >> and i'm dr. sanjay gupta. john and zoraida are both off. >>> millions of americans will countdown to a fiscal cliff. a development that could send the nation back to recession. yesterday, the two parties turned to their respective closers, vice president joe biden and senate minority leader mitch mcconnell to get a back door deal done. the republican is not giving up. >> i'm interested in getting a result here. willing to work with whoever can help. there is no single issue that remains an impossible sticking point. >> all right according to the president, there has always been and still is one big sticking point. raising
unitedhealthcare. >>> all right. down to the wire. still no deal on the fiscal cliff. are the democrats and republicans too far apart at this point to reach a deal before midnight? i hope not. >> is the cliff armageddon for the defense department. what these defense cuts would mean for national security. >>> a health scare for hillary clinton. what doctors say happened and an update on her condition. >> i'm ali velshi. >> and i'm christine romans. >>...
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well to a special edition, the fiscal cliff edition. we're over the fiscal cliff. i'm john berman. >> i'm ali velshi. it's hard to do this after that crazy night of partying. >> yeah, right. i'm christine romans. zoraida is off today. it's 5:00 a.m. in the east. let's get you started. >>> of course as you all know because you were glued to it all night, america kicked off the new year by falling offer the fiscal cliff. but, in breaking news this morning, we're talking just hours ago, there is now a deal in place that could cushion that blow. here's what happened while you were sleeping. or sipping champagne or doing something else. on eleventh hour agreement crafted by vice president joe biden and mitch mcconnell in the senate has been passed by the senate by a margin of 89-8. that vote just took place a couple hours ago. now, it's up to the republican-controlled house to take up that plan later this morning, and that is where it gets very interesting. if the house approves, and it's a big if, the deal would generate an estimated $600 billion in new revenues over t
well to a special edition, the fiscal cliff edition. we're over the fiscal cliff. i'm john berman. >> i'm ali velshi. it's hard to do this after that crazy night of partying. >> yeah, right. i'm christine romans. zoraida is off today. it's 5:00 a.m. in the east. let's get you started. >>> of course as you all know because you were glued to it all night, america kicked off the new year by falling offer the fiscal cliff. but, in breaking news this morning, we're talking just...
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the fiscal cliff edition of "starting point" begins right now. >> our "starting point" this morning is breaking news. the senate strikes a deal on the fiscal cliff, but not before we've officially fallen off the cliff. we are off it right now. here is where things stand right now. a bill crafted by vice president joe biden and minority leader mitch mcconnell passed in the senate by a margin of 89-8. happened just after 2:00 in the morning. the republican controlled house has agreed to consider this later this morning. but anyone's guess how this will turn out. if the house votes yes, the measure would generate 600 billion in revenues over the next ten years. how things are sized up overnight. >> i've said all along, our most important priority is protecting middle class families. this legislation does this. >> this shouldn't be the model of how we do things around here. but i think we can sigh we've done some good for the country. >> if it passes the house, here is what the plan means for you and your family. bush era tax cuts would stay in place for individuals earning less than $400,
the fiscal cliff edition of "starting point" begins right now. >> our "starting point" this morning is breaking news. the senate strikes a deal on the fiscal cliff, but not before we've officially fallen off the cliff. we are off it right now. here is where things stand right now. a bill crafted by vice president joe biden and minority leader mitch mcconnell passed in the senate by a margin of 89-8. happened just after 2:00 in the morning. the republican controlled...
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cliff, right? the president and the vice president, they're going to meet with house speaker john boehner, minority leader nancy pelosi, senate majority harry reid and minority leader mitch mcconnell. that is happening this afternoon. jessica yellin is there. jess, what do we know about the president's plan to get everybody in the same room? do we think there's going to be something that comes out of this? >> reporter: well, this is one of those cases where we really are going to have to wait and see, and all the parties involved are also going in with a big question mark. the idea is the expectation by many of the participants in the meeting is that they hope that they will be able to discuss more details about a scaled-down fiscal cliff plan. and maybe that could lead to some sort of agreement ideally for all parties in which all the senators say that they will not filibuster it, and it can go to a vote. and then speaker boehner could, in theory, agree to bring it to a vote on the house floor aft
cliff, right? the president and the vice president, they're going to meet with house speaker john boehner, minority leader nancy pelosi, senate majority harry reid and minority leader mitch mcconnell. that is happening this afternoon. jessica yellin is there. jess, what do we know about the president's plan to get everybody in the same room? do we think there's going to be something that comes out of this? >> reporter: well, this is one of those cases where we really are going to have to...
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ali, why does it have to be a scr scramble as the fiscal cliff is approaching and why right now? what will it take to hold congress' feet to the fire finally? i mean, if it has not been held to the fire now sh, and how soo will people start feeling the pain if no deal is reached? ali, bring in both sides of the political aisle and republican strategist anna navarro and maria cardona in washington. welcome the both of you. anna, why are we here right now? why are we sitting here right now talking about this right now with the senate gone home and congress in there working and the light is on, but few people are at home. why are we doing this? >> there is no good explanation. there's definitely no justification and no excuse for this. this is like, don, when you at the beginning of the year, when you are in school at the beginning of the year and you have been assigned a big project and you leave it to the last night. when i used to do thoo i was punished. if kids behaved the way the congresspeople were, they would be in time-out. if it were the private sector, they'd all be fired.
ali, why does it have to be a scr scramble as the fiscal cliff is approaching and why right now? what will it take to hold congress' feet to the fire finally? i mean, if it has not been held to the fire now sh, and how soo will people start feeling the pain if no deal is reached? ali, bring in both sides of the political aisle and republican strategist anna navarro and maria cardona in washington. welcome the both of you. anna, why are we here right now? why are we sitting here right now...
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so we are going over the fiscal cliff, isn't that right? >> reporter: technically, that's absolutely right, you're right. because to not go over the cliff, both houses of congress will have to pass something to avert that, and the president will have to sign it. so that is true. and that is why, as i said, politically, there aren't a lot of -- there are some people who aren't that upset about it, because it kind of makes the medicine go down a little bit easier when they vote on these cuts. having said that, we've heard from democrats in particular, for weeks now, that, you know, to sort of take a deep breath, that yes, it is called the fiscal cliff, but it is more of a slope, and particularly advantageous to members of congress who haven't got be their work done that january 1st is a federal holiday. so nothing is going to happen and there aren't going to be any real-world effects, especially when we're talking about the thing that really matters the most to a lot of people around here, just how the market is reacting. we saw the market go
so we are going over the fiscal cliff, isn't that right? >> reporter: technically, that's absolutely right, you're right. because to not go over the cliff, both houses of congress will have to pass something to avert that, and the president will have to sign it. so that is true. and that is why, as i said, politically, there aren't a lot of -- there are some people who aren't that upset about it, because it kind of makes the medicine go down a little bit easier when they vote on these...
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cnn newsroom continues now with ashlee banfield. >> we went over the fiscal cliff. yep at midnight and then just a couple hours later, the senate came up with a solution. now it's off to the house. the house has to sign off. they will get back to work this afternoon. what's in the deal? well, it starts with the new income tax threshold. those folks agreed to let the taxes go up but only on the family who is make over $450,000 in combined income. the itemized deductions will also be capped at $300,000 for families. and the estate tax, that was a big sticking point for lawmakers, and now the tax rate goes up to 40% for estates that are valued over $5 million. so if you're under $5 million, you skated there too. other key points are an extension of the long-term unemployment benefits. the renewal of tuition and child care tax credits and then something called the doc fix. it reimburses doctors who take medicare patients. and what about the automatic spending cuts that were supposed to go into effect today? doomsday, yikes. they put those off. but only for two months. t
cnn newsroom continues now with ashlee banfield. >> we went over the fiscal cliff. yep at midnight and then just a couple hours later, the senate came up with a solution. now it's off to the house. the house has to sign off. they will get back to work this afternoon. what's in the deal? well, it starts with the new income tax threshold. those folks agreed to let the taxes go up but only on the family who is make over $450,000 in combined income. the itemized deductions will also be capped...
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deal or no deal, rolling doesn't fiscal cliff. this is the gridlock in washington. this is your taxes. this is your family. this is your future. visit ireport.cnn.com. share your messages. we'll put it on the air. let us know what you think about all of this. what? [ male announcer ] alka-seltzer plus severe cold and flu fights your worst flu symptoms, plus that cough. [ sighs ] thanks!... [ male announcer ] you're welcome. >>> deal or no deal. we asked you to weigh in on the fiscal cliff debate. here what happens some of you had to say. listen in in my new year's message to washington, this entire fiscal cliff problem isn't just an isolated incident. it's representative of how partisanship and polarization have taken over congress. i'm 18. i used to be excited for the future. but i don't want to live in a country that doesn't have a successful working legislator. congress, it's time for you to remember what your purpose really is, get back to doing your job. >> resolution for washington is to get out of the middle east, learn to live on a budget like every other am
deal or no deal, rolling doesn't fiscal cliff. this is the gridlock in washington. this is your taxes. this is your family. this is your future. visit ireport.cnn.com. share your messages. we'll put it on the air. let us know what you think about all of this. what? [ male announcer ] alka-seltzer plus severe cold and flu fights your worst flu symptoms, plus that cough. [ sighs ] thanks!... [ male announcer ] you're welcome. >>> deal or no deal. we asked you to weigh in on the fiscal...
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. >>> moving on, at the edge of the fiscal cliff, will the economy get sucked back into a recession or is a compromise possible? words of wisdom from a wall street journal senior writer right after this break. "wall street journal" senior writer right after this break. [ cellphone chirping ] [ buzzing ] bye dad. drive safe. k. love you. [ chirping, buzzing continues ] recession or is a compromise [ buzzing continues ] [ male announcer ] the sprint drive first app. blocks and replies to texts while you drive. we can live without the &. visit sprint.com/drive. ♪ ♪ [ male announcer ] everyone deserves the gift of all day pain relief. this season, discover aleve. all day pain relief with just two pills. [ male announcer ] when diarrhea hits, kaopectate stops it fast. powerful liquid relief speeds to the source. fast. [ male announcer ] stop the uh-oh fast with kaopectate. >>> we hear plent at this of chatter from pundits that democrats and republicans need to come together. let's get real. president obama has already given a lot more ground than the republicans have, so my advice to se
. >>> moving on, at the edge of the fiscal cliff, will the economy get sucked back into a recession or is a compromise possible? words of wisdom from a wall street journal senior writer right after this break. "wall street journal" senior writer right after this break. [ cellphone chirping ] [ buzzing ] bye dad. drive safe. k. love you. [ chirping, buzzing continues ] recession or is a compromise [ buzzing continues ] [ male announcer ] the sprint drive first app. blocks and...
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fiscal cliff meeting at the white house right now, four top members of congress meeting with the president in the oval office. can they avert us going over that fiscal cliff? [ male announcer ] it's that time of year again. time for citi price rewind. because your daughter really wants that pink castle thing. and you really don't want to pay more than you have to. only citi price rewind automatically searches for the lowest price. and if it finds one, you get refunded the difference. just use your citi card and register your purchase online. have a super sparkly day! ok. [ male announcer ] now all you need is a magic carriage. citi price rewind. start saving at citi.com/pricerewind. make a wish! i wish we could lie here forever. i wish this test drive was over, so we could head back to the dealership. [ male announcer ] it's practically yours. test drive! but we still need your signature. volkswagen sign then drive is back. and it's never been easier to get a jetta. that's the power of german engineering. get $0 down, $0 due at signing, $0 deposit, and $0 first month's payment on any new v
fiscal cliff meeting at the white house right now, four top members of congress meeting with the president in the oval office. can they avert us going over that fiscal cliff? [ male announcer ] it's that time of year again. time for citi price rewind. because your daughter really wants that pink castle thing. and you really don't want to pay more than you have to. only citi price rewind automatically searches for the lowest price. and if it finds one, you get refunded the difference. just use...
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no stopping america right now from going over the fiscal cliff. tonight, the senate may vote on a plan. tonight, the democratic sources, democratic sources telling us that the vice president, joe biden, is now heading to the senate to meet with leaders there. but the house has already called it a night earlier today the president knocked republicans for dragging out these negotiations. >> if republicans think that i will finish the job of deficit reduction through spending cuts alone, if they think that's going to be the formula for how we solve this thing, then they've got another thing coming. that's not how it's going to work. >> joining us tonight, our political analyst, roland martin, and tim carney, the senior political columnist for the "washington examiner." roland, the president was tough in his remarks earlier today. that resulted in severe criticism from republicans. listen to this. >> well, he kind of made fun, made a couple jokes, laughed about how people are going to be here for new year's. sent a message of confrontation to the repu
no stopping america right now from going over the fiscal cliff. tonight, the senate may vote on a plan. tonight, the democratic sources, democratic sources telling us that the vice president, joe biden, is now heading to the senate to meet with leaders there. but the house has already called it a night earlier today the president knocked republicans for dragging out these negotiations. >> if republicans think that i will finish the job of deficit reduction through spending cuts alone, if...
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house republicans are meeting right now to decide whether or not to amend the senate's fiscal cliff bill. the ramifications could be enormous for you. we're going there live. and straight ahead also, colorado's first pop club opens its doors. we're going inside. club opens its doors. we're going inside. t club opens its doors. we're going inside. i gave birth to my daughter on may 18th, five days later, i had a massive heart attack. bayer aspirin was the first thing the emts gave me. now, i'm on a bayer aspirin regimen. [ male announcer ] be sure to talk to your doctor before you begin an aspirin regimen. [ woman ] learn from my story. >>> the new year marks the first pot club in denver. >> it's 4:20 p.m., be traditional times for stoners to light up. club 64 is open for business. the club gets its name for amendment 64 which legalized recreational use until marijuana. this is a private club opened only to members who pay a $30 fee. >> you cannot buy marijuana from the club. but you can come in here, you can share marijuana or bring in marijuana. >> the culmination of a long-fought battl
house republicans are meeting right now to decide whether or not to amend the senate's fiscal cliff bill. the ramifications could be enormous for you. we're going there live. and straight ahead also, colorado's first pop club opens its doors. we're going inside. club opens its doors. we're going inside. t club opens its doors. we're going inside. i gave birth to my daughter on may 18th, five days later, i had a massive heart attack. bayer aspirin was the first thing the emts gave me. now, i'm...
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Jan 1, 2013
01/13
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technically the nation went over the fiscal cliff when the new year began. but practically the senate pulled a parachute that should soften the fall. about 2:00 a.m. eastern, senators passed a round of compromises with a vote of 89-8. i said should. this deal is far from done. now it is up to the house to stop $600 billion of automatic tax hikes and spending cuts. at this hour, though, a vote is not scheduled. multiple house members took to the floor today to say their vote will be no. >> the current agreement with the fiscal cliff was agreed to, we're told, somewhere around 11:30 last night. the bill was voted on at 2:00 in the morning. now, again this is new year's eve. i don't know how many senators between midnight and 2:00 a.m. in the morning had a chance to thoroughly read this agreement that is 157 pages long. you see, this is not how we should run our government. this is drama. unnecessary drama. >> so what did the senators pass? well, it was very long bill, 157 pages. there are a host of tax credit extensions, medicare extensions, and a lot more. bu
technically the nation went over the fiscal cliff when the new year began. but practically the senate pulled a parachute that should soften the fall. about 2:00 a.m. eastern, senators passed a round of compromises with a vote of 89-8. i said should. this deal is far from done. now it is up to the house to stop $600 billion of automatic tax hikes and spending cuts. at this hour, though, a vote is not scheduled. multiple house members took to the floor today to say their vote will be no. >>...
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Dec 30, 2012
12/12
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cliff. hello, good to be with you. we are just two days now remaining that is, until the countdown clock and the pressure is mounting on lawmakers to get a deal done. both houses of congress are back in session this sunday ready to vote on a plan that senate leaders are trying to hammer out right now. if a deal isn't reached, your taxes will go up and government spending will be slashed. dana bash and jessica yellin are covering all angles of the story. let's start with dana on capitol hill who has heard word of a setback in the talks. dana, what do you know? >> setback from the perspective of democrats. we should underscore that. this is any information that is coming out. is coming out for a purpose. this is certainly significant. when it comes to the democrats' perspective. and that is, they are very unhappy and they call a quote poison pill. what they say is an offer from the republicans to include in this deal, which has been from the democrats perspective, mostly focused on taxes to in
cliff. hello, good to be with you. we are just two days now remaining that is, until the countdown clock and the pressure is mounting on lawmakers to get a deal done. both houses of congress are back in session this sunday ready to vote on a plan that senate leaders are trying to hammer out right now. if a deal isn't reached, your taxes will go up and government spending will be slashed. dana bash and jessica yellin are covering all angles of the story. let's start with dana on capitol hill who...
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Dec 30, 2012
12/12
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what else is at stake in the fiscal cliff? let's look at some other issues, things that we're not sure will be in a deal that comes out this week. at the top of that list, government spending cuts. that's about 8% to 10% in cuts to most every federal agency. also a pay cut for medicare doctors of 27% that would hit after january 1st. finally, don, there are a slew of other tax hikes. the alternative minimum tax is one that people talk about. the estate tax. these are all things that would affect average americans and which would hit on january 1st. so the fiscal cliff, it might be even bigger than people realize. don? >> lisa, thank you very much. >>> we've got a lot more planned for you this saturday night. here's what else is ahead. as our lawmakers wrestle with u.s. gun violence, chicago hits an awful milestone. 500 murders this year and counting. what's to blame? a former gang member and chicago's police superintendent join me live. >>> plus, president obama could tap this republican to lead the defense department. but not
what else is at stake in the fiscal cliff? let's look at some other issues, things that we're not sure will be in a deal that comes out this week. at the top of that list, government spending cuts. that's about 8% to 10% in cuts to most every federal agency. also a pay cut for medicare doctors of 27% that would hit after january 1st. finally, don, there are a slew of other tax hikes. the alternative minimum tax is one that people talk about. the estate tax. these are all things that would...
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Dec 29, 2012
12/12
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right. >> that's discussed as part of a fiscal cliff deal, but many believe that will end up hurting the economy, giving a disincentive to invest money? was that just focused on the real wealthy? >> i hear that argument a lot. number one is, i'm really tired of our tax policy decisions. you know, everything, being made by what the market's going to do in the next quarter. this is about aberration of the tax code and grossly unfair. say they raise top tax rate to 39.6% for those making more than $500,000. that means a lot of small businesses will are paying that nearly 40% marginal tax rate where you have billionaire private equity funds paying 15, 20, even 24, depending where they put it. it's not an issue of penalizing investment income. it's an issue of penalizing labor, and those who make their income through wages. both are legitimate and both should be taxed at the same rate. so i do -- again, fundamental tax reform could solve this problem, but at least raising the capital gains rate would help address this anomaly and susan collins and claire mccaskill have a proposal to try t
right. >> that's discussed as part of a fiscal cliff deal, but many believe that will end up hurting the economy, giving a disincentive to invest money? was that just focused on the real wealthy? >> i hear that argument a lot. number one is, i'm really tired of our tax policy decisions. you know, everything, being made by what the market's going to do in the next quarter. this is about aberration of the tax code and grossly unfair. say they raise top tax rate to 39.6% for those...
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Dec 30, 2012
12/12
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what else is at stake in the fiscal cliff? let's look at some other issues, things that we're not sure will be in a deal that comes out this week. at the top of that list, government spending cuts. that's about 8% to 10% in cuts to most every federal agency. also a pay cut for medicare doctors of 27% that would hit after january 1st. finally, don, there are a slew of other tax hikes. the alternative minimum tax is one that people talk about. the estate tax. these are all things that would affect average americans and which would hit on january 1st. so the fiscal cliff, it might be even bigger than people realize. don? >> lisa, thank you very much. >>> we've got a lot more planned for you this saturday night. here's what else is ahead. as our lawmakers wrestle with u.s. gun violence, chicago hits an awful milestone. 500 murders this year and counting. what's to blame? a former gang member and chicago's police superintendent join me live. >>> plus, president obama could tap this republican to lead the defense department. but not
what else is at stake in the fiscal cliff? let's look at some other issues, things that we're not sure will be in a deal that comes out this week. at the top of that list, government spending cuts. that's about 8% to 10% in cuts to most every federal agency. also a pay cut for medicare doctors of 27% that would hit after january 1st. finally, don, there are a slew of other tax hikes. the alternative minimum tax is one that people talk about. the estate tax. these are all things that would...
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Jan 1, 2013
01/13
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we begin with this morning's fiscal cliff and the drama that now shifts to the house. overnight the senate overwhelmingly passed a compromised measure. it it delays the spending cuts that could have plunged the nation back into a recession. for most americans, taxes would stay the same r for almost everyone but top earners. but the measure is now up to the house. lawmakers take up the matter in two hours and could vote later today. and republican leaders in the house aren't making any promises that it will pass. this morning both parties say more work needs to be done. >> i'm disappointed that we weren't able to make the grand bargain as we have tried to do for so long, but we tried. if we do nothing, the threat of recession is very real. >> we have done some good for the country. we have taken care of the revenue side of this debate. and now it's time to get serious about reducing washington's out of control spending. that's a debate the american people want and it's the debate we'll have next and it's a debate republicans are ready for. >> we're covering all the angl
we begin with this morning's fiscal cliff and the drama that now shifts to the house. overnight the senate overwhelmingly passed a compromised measure. it it delays the spending cuts that could have plunged the nation back into a recession. for most americans, taxes would stay the same r for almost everyone but top earners. but the measure is now up to the house. lawmakers take up the matter in two hours and could vote later today. and republican leaders in the house aren't making any promises...